
                                                          Exhibit 99.01(b)



                    SECURITIES AND EXCHANGE COMMISSION
                           Washington, DC  20549


                                 FORM 11-K


          FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
            AND SIMILAR PLANS PURSUANT TO SECTION 15(D) OF THE
                      SECURITIES EXCHANGE ACT OF 1934



      [  ]    ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
                      SECURITIES EXCHANGE ACT OF 1934

      [X]   TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
                      SECURITIES EXCHANGE ACT OF 1934

   For the transition period from November 1, 1995 to December 31, 1995

                       Commission file number 1-3551



              EQUITABLE RESOURCES, INC. EMPLOYEE SAVINGS PLAN

             (Full title of the Plan and address of the Plan,
             if different from that of the issuer named below)




                        EQUITABLE RESOURCES, INC.

                       420 Boulevard of the Allies,
                      Pittsburgh, Pennsylvania  15219


          (Name of issuer of the securities held pursuant to the
              plan and the address of principal executive office)

<PAGE>



                                   SIGNATURE








      Pursuant to the  requirements of the Securities  Exchange Act of 1934, the
members of the Administrative Committee of the Plan have duly caused this annual
report to be signed on its behalf by the undersigned hereunto duly authorized.









                                               EQUITABLE RESOURCES, INC.
                                                 EMPLOYEE SAVINGS PLAN
                                                     (Name of Plan)




                                   By               s/ Dan C. Eaton
                                                       Dan C. Eaton
                                                      Vice President -
                                             Strategic and Financial Planning





March 8, 1996


<PAGE>


                        REPORT OF INDEPENDENT AUDITORS



Administrative Committee
Equitable Resources, Inc. Employee Savings Plan


      We have audited the  accompanying  statements of net assets  available for
plan benefits of the Equitable Resources,  Inc. Employee Savings Plan (the Plan)
as of  December  31, 1995 and October 31,  1995,  and the related  statement  of
changes in net assets  available  for plan  benefits for the period  November 1,
1995 to December 31, 1995. These financial  statements are the responsibility of
the  Plan's  management.  Our  responsibility  is to express an opinion on these
financial statements based on our audits.

      We conducted our audits in accordance  with  generally  accepted  auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

      In our opinion, the financial statements referred to above present fairly,
in all material respects, the net assets available for plan benefits of the Plan
as of December  31, 1995 and  October  31,  1995,  and the changes in net assets
available  for plan  benefits  for the period  November 1, 1995 to December  31,
1995, in conformity with generally accepted accounting principles.

      Our  audits  were made for the  purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying  supplemental  schedules
of assets held for  investment  as of December 31,  1995,  and  transactions  or
series of  transactions  in excess of 5% of the current value of plan assets for
the period  November 1, 1995 to December 31, 1995, are presented for purposes of
complying with the Department of Labor's Rules and Regulations for Reporting and
Disclosure  under the Employee  Retirement  Income Security Act of 1974, and are
not a required part of the basic financial  statements.  The Fund Information in
the statement of net assets  available for benefits and the statement of changes
in net assets  available  for benefits is presented  for purposes of  additional
analysis  rather  than to present  the net assets  available  for  benefits  and
changes in net assets  available  for  benefits of each fund.  The  supplemental
schedules and Fund  Information  have been subjected to the auditing  procedures
applied in our audits of the  financial  statements  and,  in our  opinion,  are
fairly stated in all material  respects in relation to the financial  statements
taken as a whole.




                                                 s/ Ernst & Young LLP
                                                    Ernst & Young LLP


Pittsburgh, Pennsylvania
March 8, 1996


<PAGE>



                           EQUITABLE RESOURCES, INC.

                             EMPLOYEE SAVINGS PLAN
              STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS


                                              December 31         October 31
                                                 1995                1995


Investments, at fair value-Note 3:
   The George Putnam Fund of Boston         $  4,931,626       $   4,752,239
   The Putnam Fund for Growth and Income       4,394,710           3,809,163
   Putnam Income Fund                          1,425,773           1,370,664
   Putnam Voyager Fund                         4,277,817           3,583,911
   Putnam Asset Allocation-Growth Portfolio      125,276              66,882
   Putnam Asset Allocation-Balanced
    Portfolio                                     99,230              17,351
   Putnam Asset Allocation-Conservative
    Portfolio                                      9,158               3,970
   Putnam Overseas Growth Fund                   144,009              69,236
   Loan Fund                                     747,089             714,588
   Putnam Stable Value Fund                    5,916,904           6,312,011
   Employer Stock Fund                         4,194,752           4,049,947
                                            ------------       -------------

Net Assets Available for Plan Benefits      $ 26,266,344       $  24,749,962
                                            ============       =============


                           SEE ACCOMPANYING NOTES.


<PAGE>

<TABLE>
<CAPTION>


                                EQUITABLE RESOURCES, INC.

                                   EMPLOYEE SAVINGS PLAN
              STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
                                   WITH FUND INFORMATION
                   FOR THE PERIOD NOVEMBER 1, 1995 TO DECEMBER 31, 1995




                                               The Putnam
                                  The George   Fund for     Putnam      Putnam
                                  Putnam Fund  Growth       Income      Voyager    Growth
                                  of Boston    and Income   Fund        Fund       Portfolio
<S>                               <C>          <C>          <C>         <C>        <C>

Additions to plan equity
attributed to:
  Investment income
    Interest and dividends        $  239,193   $  208,560   $  15,529  $  223,624  $  5,001
    Interest on participant
      loans                                -            -           -           -
                                  ----------   ----------   ---------  ----------  --------

      Total investment income        239,193      208,560      15,529     223,624     5,001

  Gain realized on sale or
  distribution of
    Equitable Resources, Inc.
    Common Stock
  Unrealized depreciation of
    investment in Equitable
    Resources, Inc. Common Stock
  Unrealized appreciation
    (depreciation)
    in value of investment           44,212      102,561       31,130     (16,251)      125
  Contributions                      67,411      103,078       27,099     166,547    21,375
                                 ----------   ----------   ----------  ----------  --------

      Total additions               350,816      414,199       73,758     373,920    26,501

Deductions from plan equity
attributed to:
  Withdrawals by participants        41,619        2,438       36,442      37,120         -
  Purchase of life insurance              -            -            -           -         -
  Expenses                              554          350          164         393         4
                                 ----------   ----------   ----------  ----------  --------
      Total deductions               42,173        2,788       36,606      37,513         4

Transfers from (to) funds          (129,256)     174,136       17,957     357,499    31,897
                                 ----------   ----------   ----------  ----------  --------

      Net increase (decrease)
      in net assets available
      for plan benefits             179,387      585,547       55,109     693,906    58,394

Net assets available for
plan benefits:
  At beginning of year            4,752,239    3,809,163    1,370,664   3,583,911    66,882
                                 ----------   ----------   ----------  ----------  --------

  At end of year                 $4,931,626   $4,394,710   $1,425,773  $4,277,817  $125,276
                                 ==========   ==========   ==========  ==========  ========


</TABLE>



                                  SEE ACCOMPANYING NOTES.

<PAGE>


<TABLE>
<CAPTION>

                                 EQUITABLE RESOURCES, INC.

                                   EMPLOYEE SAVINGS PLAN
              STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
                                   WITH FUND INFORMATION
                   FOR THE PERIOD NOVEMBER 1, 1995 TO DECEMBER 31, 1995





                          Putnam                  Putnam                   Life
  Balanced   Conservative Overseas     Loan       Stable      Employer     Insurance   Combined
  Portfolio   Portfolio   Growth Fund  Fund       Value Fund  Stock Fund   Fund        Funds

  <C>        <C>          <C>          <C>        <C>         <C>          <C>         <C>

  $   3,822  $     545    $   2,063    $       -  $  60,977   $   40,024   $      -    $  799,338
          -          -            -       10,765          -            -          -        10,765
  ---------  ---------    ---------    ---------   --------   ----------   --------    ----------

      3,822        545        2,063       10,765     60,977       40,024          -       810,103



                                                                  58,078          -        58,078

                                                                 209,238          -       209,238

       (338)      (305)       2,062            -      1,334            -          -       164,530
     12,715      3,258       24,595            -     83,467       54,636      5,811       569,992
  ---------  ---------    ---------    ---------   --------   ----------   --------    ----------

     16,199      3,498       28,720       10,765    145,778      361,976      5,811     1,811,941
  ---------  ---------    ---------    ---------   --------   ----------   --------    ----------


          -          -            -       41,595    110,670       17,556          -       287,440
          -          -            -            -          -            -      5,811         5,811
          3          2            -            -        805           33          -         2,308
  ---------  ---------    ---------    ---------   --------   ----------   --------    ----------

          3          2            -       41,595    111,475       17,589      5,811       295,559

     65,683      1,692       46,053       63,331   (429,410)    (199,582)         -             -
  ---------  ---------    ---------    ---------  ---------   ----------   --------    ----------


     81,879      5,188       74,773       32,501   (395,107)     144,805          -     1,516,382


     17,351      3,970       69,236      714,588   6,312,011   4,049,947          -    24,749,962
  ---------  ---------    ---------    ---------  ----------  ----------   --------    ----------

  $  99,230  $   9,158    $ 144,009    $ 747,089  $5,916,904  $4,194,752   $      -   $26,266,344
  =========  =========    =========    =========  ==========  ==========   ========   ===========

</TABLE>


                                  SEE ACCOMPANYING NOTES.

<PAGE>

                           EQUITABLE RESOURCES, INC.

                             EMPLOYEE SAVINGS PLAN
                         NOTES TO FINANCIAL STATEMENTS
                               DECEMBER 31, 1995


1.   Description of the Plan

     The following description of the Equitable Resources, Inc. Employee Savings
     Plan (Plan) provides only general information. Participants should refer to
     the  Plan  agreement  for  a  more  complete   description  of  the  Plan's
     provisions.

     General

     The Plan is a defined  contribution profit sharing and savings plan, with a
     401(k)  salary  reduction  feature,  implemented  on  September  1, 1985 by
     Equitable  Resources,   Inc.  and  certain  subsidiaries  (the  Company  or
     Companies).

     All regular, full-time, non-union employees of the Companies who complete a
     certain  service  requirement  are  eligible  to  participate.  The Plan is
     subject to the provisions of the Employee Retirement Income Security Act of
     1974 (ERISA).

     In December 1995, the Company changed the Plan year to a calendar year from
     the  previous  Plan year of  October  31.  The  change had no effect on net
     assets available for plan benefits.

     Effective January 1, 1996, all regular,  full-time,  non-union employees of
     the  Companies are eligible to  participate  in the Plan  immediately  upon
     hire.

     Contributions

     The Companies make  contributions  to the Plan equal to the amount by which
     participants agree to reduce their salaries (Contract Contributions). These
     contributions  are  considered  to be  Company  (as  opposed  to  employee)
     contributions  to the  Plan.  In  addition,  the  Companies  may,  at their
     discretion,  contribute  an  additional  amount to the Plan  (Discretionary
     Contributions).  All contributions are allocated to individual  participant
     accounts.  No  Discretionary  Contributions  were made for the period ended
     December 31, 1995.

     Effective  January 1, 1996, the Companies  began matching 50 percent of the
     first six percent of Contract  Contributions made (Matching  Contributions)
     in lieu of making Discretionary Contributions.

     Rollover Contributions

     Participants  are  allowed to make  rollover  contributions  (contributions
     transferred to the Plan from other qualified retirement plans),  subject to
     certain requirements.


<PAGE>


1.   Description of Plan (Continued)

     Vesting

     Participants are 100% vested in the value of Contract  Contributions  made,
     and any rollover contributions.

     If employment is terminated for any reason other than retirement, death, or
     total and permanent  disability,  a participant  is entitled to receive the
     vested  value  of  any  Discretionary   Contributions,   as  determined  in
     accordance with the following schedule:

            Years of Continuous Service                 Vested Interest

               Less than five years                              0%
               Five years or more                              100%

     Amounts  forfeited by participants  upon termination will be used to reduce
     the amount of the Company's future Matching Contributions to the Plan.

     Upon retirement,  death,  total and permanent  disability or termination of
     the Plan,  a  participant  is  entitled  to  receive  the full value of any
     Discretionary or Matching Contributions,  regardless of years of continuous
     service.

     Withdrawals by Participants

     Payments to participants are made in one of two ways: a single cash payment
     or distribution of stock (mandatory for participants who are terminated for
     a reason other than  retirement,  death or  disability)  or equal  periodic
     payments over the lesser of:

     a)  the life expectancy of the participant and beneficiary or

     b)  twenty (20) years.

     Loans to Participants

     A participant may borrow money from the Plan in amounts up to 50 percent of
     the  value  of the  participant's  account,  plus  the  vested  portion  of
     Discretionary Contributions,  subject to certain limitations. All loans are
     at a rate consistent  with rates charged by commercial  lenders for similar
     loans. One half of the participant's nonforfeitable interest in the Plan at
     the time of the loan is pledged as collateral.  As of December 31, 1995 and
     October 31, 1995,  collateral for participant  loans amounted to $2,862,297
     and $2,739,262, respectively.


<PAGE>

1.   Description of Plan (Continued)


     Investment of Contributions

     Contributions  are  initially  deposited  with the Plan's  trustee,  Putnam
     Investments (Putnam). The Plan authorizes the participants to direct Putnam
     to invest their accounts in various  combinations of the investments  funds
     described below:

     a. The George  Putnam Fund of Boston - is a mutual fund that  consists of a
        portfolio balanced between stocks and bonds.

     b. The Putnam  Fund for Growth and Income - is a mutual  fund that  invests
        primarily  in common  stocks that offer  potential  for capital  growth,
        current income, or both.

     c. Putnam  Income  Fund  - is a  mutual  fund  that  invests  primarily  in
        income-producing  securities,  including  both  government and corporate
        obligations, preferred stocks, and dividend-paying common stocks.

     d. Putnam Voyager Fund - is a mutual fund that invests  primarily in common
        stocks of smaller and newer  companies  expected  to grow  substantially
        faster than that of the market averages.

     e. Putnam Asset Allocation: Growth Portfolio - is a mutual fund focusing on
        capital  appreciation  by  investing in a range of both equity and fixed
        income  securities.  Equity  securities  can range between 65-95% of the
        total assets of the Fund with fixed income  securities  ranging  between
        5-35% of the total assets of the Fund.

     f. Putnam Asset Allocation:  Balanced Portfolio - is a mutual fund focusing
        on total  return by investing in a range of both equity and fixed income
        securities.  Equity  securities  can range  between  25-50% of the total
        assets of the Fund with fixed income  securities  ranging between 25-50%
        of the total assets of the Fund.

     g. Putnam  Asset  Allocation:  Conservative  Portfolio  - is a mutual  fund
        focusing on total return  consistent with  preservation of capital;  the
        Fund  invests  in a range of both  equity and fixed  income  securities.
        Equity  securities  can range between  25-45% of the total assets of the
        Fund with fixed income  securities  ranging  between 55-75% of the total
        assets of the Fund.

     h. Putnam Overseas Growth Fund - is a mutual fund that invests primarily in
        a  diversified  portfolio of stocks of companies  located  outside North
        America.


<PAGE>


1.   Description of Plan (Continued)

     Investment of Contributions (Continued)

     i. Putnam  Stable  Value  Fund - is a  collective  investment  trust  which
        invests  primarily in high-quality  fixed-income  investments that offer
        price stability and liquidity;  these investments may include guaranteed
        investment  contracts (GICs) that are guaranteed by an insurance company
        or bank and  generally  provide a fixed rate of return  for a  specified
        time period.  Should the underlying  insurance companies and banks which
        issued the investments  experience  inadequate financial return on their
        assets, it could  potentially  affect the investment return or principal
        of the  Plan's  investments.  Presently,  the  Plan is not  aware of any
        situation  which would cause this to occur.  Withdrawals  from this Fund
        may be temporarily  delayed at Putnam's  discretion due to the liquidity
        of the assets underlying this Fund.

     The Employer  Stock Fund  invests in the Common  Stock of the Company.  The
     Fund is managed by the Plan Trustee.  The Life  Insurance Fund is comprised
     solely of life  insurance  contracts  issued on the lives of  participants.
     This  option  is  subject  to a  limitation  that no more  than  25% of the
     contributions  allocated to a participant  may be allocated to the purchase
     of insurance.  The Company's  contract  with  Equitable  Life provides this
     investment vehicle and fund management.

2.   Summary of Significant Accounting Policies

     Investments

     Short-term  investments are valued at cost, which approximates  market. The
     Equitable Resources,  Inc. common stock is valued at market price as quoted
     on the New York Stock Exchange.  The contracts included in the Stable Value
     Fund are valued at face value, which approximates market. Other investments
     are valued at market.

     Use of Estimates

     The  preparation  of financial  statements  in  conformity  with  generally
     accepted  accounting  principles  requires management to make estimates and
     assumptions  that affect the amounts  reported in the financial  statements
     and accompanying notes. Actual results could differ from those estimates.

<PAGE>

3.   Investments

     Investments are comprised of:

                                                          DECEMBER 31, 1995
                                                         Fair         Original
                                                         Value          Cost

     Equitable Resources, Inc., Common Stock**       $4,194,752     $3,233,707
     The George Putnam Fund of Boston*                4,931,626      4,931,626
     The Putnam Fund for Growth and Income*           4,394,710      4,394,710
     Putnam Income Fund*                              1,425,773      1,425,773
     Putnam Voyager Fund*                             4,277,817      4,277,817
     Putnam Asset Allocation - Growth Portfolio*        125,276        125,276
     Putnam Asset Allocation - Balanced Portfolio*       99,230         99,230
     Putnam Asset Allocation - Conservative
        Portfolio*                                        9,158          9,158
     Putnam Overseas Growth Fund*                       144,009        144,009
     Loan Fund                                          747,089        747,089
     Putnam Stable Value Fund*                        5,916,904      5,916,904
                                                     ----------     ----------

        Total                                        $26,266,344   $25,305,299
                                                     ===========   ===========

                                                          OCTOBER 31, 1995
                                                         Fair         Original
                                                         Value          Cost

     Equitable Resources, Inc., Common Stock**       $4,049,947     $3,297,497
     The George Putnam Fund of Boston*                4,752,239      4,752,239
     The Putnam Fund for Growth and Income*           3,809,163      3,809,163
     Putnam Income Fund*                              1,370,664      1,370,664
     Putnam Voyager Fund*                             3,583,911      3,583,911
     Putnam Asset Allocation - Growth Portfolio*         66,882         66,882
     Putnam Asset Allocation - Balanced Portfolio*       17,351         17,351
     Putnam Asset Allocation - Conservative 
       Portfolio*                                         3,970          3,970
     Putnam Overseas Growth Fund*                        69,236         69,236
     Loan Fund                                          714,588        714,588
     Putnam Stable Value Fund*                        6,312,011      6,312,011
                                                     ----------     ----------

        Total                                        $24,749,962   $23,997,512
                                                     ===========   ===========

     The annual interest rate for the Stable Value Fund was 5.88% for the period
     ended December 31, 1995 and 5.80% for the period ended October 31, 1995.

     *Securities   investments  are  provided  by  contract   through  a  pooled
     investment account; fair market value is used as original cost.

     **Represents  134,232 and 138,460  shares of common  stock at December 31
     and October 31, 1995, respectively.

<PAGE>


4.   Gain Realized on Sale/Distribution of Stock

     During the  two-month  period ended  December 31,  1995,  10,211  shares of
     Equitable Resources, Inc. Common Stock with a market value of $302,658 were
     sold at an average  price of $29.64 per share.  The cost of the shares sold
     was $244,580 ($23.95 per share) calculated using the "average cost" method.

5.   Plan Termination

     Although  it has not  expressed  any intent to do so, the  Company  has the
     right under the Plan to discontinue  its  contributions  at any time and to
     terminate the Plan subject to the provisions of ERISA. In the event of Plan
     termination,  the interests of all affected  participants will become fully
     vested.

6.   Income Tax Status of Plan

     The  Internal  Revenue  Service has  determined  that the Plan is qualified
     under Section 401(a) of the Internal  Revenue Code and exempt under Section
     501(a) of the Code. Future amendments will be made to the Plan as necessary
     so that the Plan remains qualified and tax exempt under the Code.

7.   Federal Income Tax Status - Employee

     Contributions  by the employer to the Plan (including  those resulting from
     salary   reduction)   and  all  dividends  and  interest   earned  on  such
     contributions  are not taxable to the  participant  for federal  income tax
     purposes until distributed.

     The tax consequences,  to participants, of a distribution from the Plan are
     dependent  upon the  circumstances  existing  at the time of  distribution.
     Delinquent and unpaid loans are considered  distributions from the Plan. In
     general,  a participant  is subject to federal income tax on a distribution
     in the year received.  Special rules  applicable to lump sum  distributions
     may result in deferral of taxation in whole or in part.

<PAGE>


                           SUPPLEMENTARY INFORMATION

<PAGE>

<TABLE>
<CAPTION>


                             EQUITABLE RESOURCES, INC.                                    SCHEDULE 1

                              EMPLOYEE SAVINGS PLAN

                           ASSETS HELD FOR INVESTMENT
                                DECEMBER 31, 1995

                                                                                                  CURRENT
        IDENTITY OF ISSUE               DESCRIPTION OF INVESTMENT            COST                 VALUE

<S>                                     <C>                                  <C>                  <C> 
The George Putnam Fund of Boston               318,169 units                 $4,931,6261          $4,931,626

The Putnam Fund for Growth and Income          271,446 units                 $4,394,7101          $4,394,710

Putnam Income Fund                             197,202 units                 $1,425,7731          $1,425,773

Putnam Voyager Fund                            280,513 units                 $4,277,8171          $4,277,817

Putnam Asset Allocation-Growth
   Portfolio                                   12,528 units                   $125,2761            $125,276

Putnam Asset Allocation-Balanced
   Portfolio                                   10,304 units                   $99,2301              $99,230

Putnam Asset Allocation-Conservative
   Portfolio                                    993 units                     $9,1581              $9,158

Putnam Overseas Growth Fund                    10,976 units                   $144,0091            $144,009

Loan Fund                                          9.75%                         N/A               $747,089

Putnam Stable Value Fund                     5.88 % per annum2               $5,916,9041          $5,916,904

Employer Stock Fund3                    134,232 shares common stock          $3,233,707           $4,194,752

</TABLE>

<PAGE>

<TABLE>
<CAPTION>


                              EQUITABLE RESOURCES, INC.                              SCHEDULE 2

                              EMPLOYEE SAVINGS PLAN

             TRANSACTIONS OR SERIES OF TRANSACTIONS IN EXCESS OF 5%
                       OF THE CURRENT VALUE OF PLAN ASSETS
           FOR THE PERIOD ENDED NOVEMBER 1, 1995 TO DECEMBER 31, 1995







                                          NUMBER OF     TOTAL      NUMBER   TOTAL SALES  ORIGINAL    NET GAIN
PARTY INVOLVED DESCRIPTION OF INVESTMENT  PURCHASES   PURCHASES   OF SALES   PROCEEDS      COST      OR (LOSS)
<S>                                       <C>         <C>         <C>       <C>          <C>         <C>


SERIES TRANSACTIONS:

None



<FN>


--------
1 Fair market value is used as original cost.
2 Rate in effect for the period ended December 31, 1995.
3 Party in interest to the Plan.
</FN>
</TABLE>


